AgriNurture acquires majority stake in fintech firm Pay8


Posted at Jul 21 2020 02:27 PM

MANILA - AgriNurture, the listed agribusiness firm of businessman Antonio Tiu, disclosed to the stock exchange on Tuesday that it is acquiring a majority stake in fintech firm Pay8 from HatchAsia

The company said the move comes amid its plan to “digitally transform the agri-agra sector and help provide basic financial services to the unserved and underserved sectors of society.“

Linking the e-wallet of Pay8 to AgriNurture’s affiliate banks will allow farmers to access credit online and offline and withdraw its profit from any ATM throughout the country, the company said.

“Through Pay8, the unbanked masses can have access to the banking grid even if they are in areas with no access to wired internet since it utilizes VSAT antennas.” 

AgriNurture said Pay8 currently provides payment centers to provincial and rural electric cooperatives, and has an existing contract with PhilPost to provide payment centers in far-flung and unconnected areas. 

Through its affiliate BRB Digibank, AgriNurture said it also plans to provide online microfinancing of farm inputs to contract farmers via agri vouchers. 

These financial services will be under Agri Token Inc, a closed looped ecosystem it launched recently, it added.